Boubyan and Mastercard sign strategic agreement

Boubyan Bank and Mastercard have signed a new agreement aimed at empowering fintech companies, as part of their strategic partnership that reflects their shared commitment to supporting innovation and contributing to the growth of Kuwait’s fintech ecosystem.

The agreement enables both parties to explore new collaboration opportunities and implement innovative solutions, leveraging Boubyan’s advanced banking infrastructure and operational and regulatory expertise, alongside Mastercard’s global network and technological capabilities in payments. This collaboration enhances the efficiency of digital financial services and supports the delivery of more convenient and secure customer experiences.

The agreement was signed in the presence of Abdullah Al-Tuwaijri, Chief Executive Officer of Personal, Private, and Digital Banking at Boubyan Bank, and Mark Elliott, Regional President for the Middle East and North Africa at Mastercard, along with several executive leaders and Mastercard representatives.

Commenting on the occasion, Saleh Al-Mansour, General Manager of Consumer Products and Business Performance at Boubyan Bank, said: “This agreement underscores the importance of the ongoing collaboration between Boubyan and Mastercard, reflecting their shared vision for the future of financial services and digital payments. It enables the combined expertise of both parties in innovation, contributing to the development of Kuwait’s financial and technology sectors.”

Al-Mansour added: “Supporting fintech companies is one of the key pillars of Boubyan’s strategy, helping them transform their ideas into viable, scalable solutions and supporting them through various stages of launch and expansion.”

He continued: “Qualified fintech companies can benefit from Boubyan’s Banking-as-a-Service (BaaS) program, which enables them to develop more efficient products at a faster pace, allowing them to focus more on enhancing the quality of their solutions and user experiences, within a framework that ensures the highest standards of governance, security, and regulatory compliance.”

The solutions available under this program include BIN Sponsorship for adding bank cards to digital wallets, which enables companies to issue their own card and payment products; ATM-as-a-Service, which allows digital wallet users to withdraw cash without a card through integration with Boubyan’s network; and the Virtual IBAN service, enabling them to receive bank transfers directly into their digital wallets.

He emphasized that these models embody Boubyan’s vision of building an integrated technological ecosystem that supports fintech companies at all stages of their development, thereby strengthening Kuwait’s position in the digital economy. The bank continues to expand its partnerships with leading global institutions, keeping pace with rapid transformations in the financial services industry and enhancing the readiness of the local market for the next phase.

For his part, Mark Elliott, Regional President for the Middle East and North Africa at Mastercard, stated: “Kuwait’s advanced infrastructure and the continuous expansion in the adoption of digital payments are creating new opportunities for innovation in the fintech sector. Our collaboration with Boubyan Bank reflects our shared commitment to supporting this progress and enhancing the contribution of fintech to the country’s digital economy.”

Elliott added, “Mastercard has extensive expertise across various aspects of the payments sector, including an understanding of the evolution of payment technologies, standards, and customer expectations. Through this collaboration, we aim to share this expertise to support the development of fintech solutions that enhance trade and empower more individuals and businesses to realize their growth and prosperity potential.”